Mortgage approvals rose at their fastest rate in more than 13 years in November, figures from the Bank of England show. The housing market continued to benefit from a surge in pent-up demand released when the market first emerged from lockdown in May. Activity has been driven by wealthier households looking for bigger properties that are better suited to working from home. The government’s decision to cut stamp duty has also helped to encourage demand. Under the new stamp duty rules no tax is paid below £500,000 on purchases.

Source: The Times January 04, 2021 17:12 UTC